Thursday, May 26, 2011

1st Impromptu SUP Meeting

We were able to round up some of the SUP team (Yvonne, Terese, Mika, Ryan and Alexandra) today for lunch at the Seward Cafe.  The food was excellent. We discovered what a phantom 4th nipple looks like.  Created a 6 word life statement.  Learned why an F3.5 is the proper setting for shooting Mika's face.  And brainstormed on SUP details and a potential $5k grant from Seward Co-op.  All good things.

After this, we went to check out the SUP launch point, took a brief nap on the dock with some excited water fowl, and started working on our tan lines.

Now, we are off to meet the Silver Creek Paddle crew on Lake Calhoun, testing boards, learning about their distribution channels and getting other primary market research.

This summer is going to be great!

Tuesday, May 24, 2011

Business Plan and Financials

I went to the James J Hill online resource center and started working on the SUP MN business plan.

I feel like it is coming together pretty well.  Not bad for a couple hours work.  Oh and I ran the financials in about 4 hours and it seems like this 12 week business is profitable!  Yay!

Now, I need to finish the B-Plan, round up my team and partners, incorporate with the Secretary of State, create the marketing material (business cards, board and trailer wraps, t-shirts, flyers), buy the equipment (boards, paddles, trailer, life jackets), train the staff, and start touring!

Is it unrealistic to dream up, create and launch a business in under 1 week?  We are about to find out...

Legalities 101: Filing for an Federal EIN #

First thing to do: get federal and state tax ID #s. is straightforward and easy:

You have chosen Limited Liability Company.

What it is...

  • A limited liability company (LLC) is a structure allowed by state statute.
  • An LLC is formed by filing articles of organization with the state's secretary of state office.
  • An LLC must be unique in its state. There can be no more than one active LLC with the same name in the same state.
  • For federal tax purposes, an LLC may be treated as a partnership or a corporation, or be disregarded as an entity separate from its owner.
  • An LLC can have two or more members (multi-member) or one member (single-member).
  • An LLC can have an unlimited number of members.
  • An LLC's members may include individuals, corporations, other LLCs, or foreign entities.

What it is not...

If you need to change your type of structure, we recommend that you do so now, otherwise you will have to start over and re-enter your information.  Additional help may be found by reviewing all types of organizations and structures before making your selection.

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EIN Assistant
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Saturday, May 21, 2011

What's SUP MN?

I don't know, what's up with you?  Now that the easy joke is behind us, let's continue...

SUP (stand-up paddling), according to Wikipedia, is a sport that became popular in Hawaii, probably by hippies, riding the waves of the great depression in the 1930's.  It has been gaining momentum ever since and has now blown up in California, Austin, TX, British Columbia, England, and soon-to-be Minnesota...  SUP has had an interesting history, yet the future seems to be even more exciting as different groups are adapting the sport with their passions.

I am passionate about relationships, animals, education, adventure sports, sustainable economic growth, and the Mississippi River - Twin Cities' umbilical cord.  I hope to engage each of these passions through this organization and maybe enable others to hear their own calling.

Starting a Business in Minnesota

How long does it take to start a business in MN?

How much capital does it take?

How much experience?  Education?

These are questions I am about to find out...

Two days ago, I became hooked on a new sport and am about to pursue it wholeheartedly, part-time.  I am hoping business experiences, old friends, new relationships, friendly financiers, nature lovers, and first timers all come together to make this endeavor a successful and enjoyable journey.  Stay tuned for the fast progression of Minneapolis' first Stand-Up Paddleboard Tour Company.